Skip to content
Joyce Higashi – j-higashi.com

Joyce Higashi – j-higashi.com

Tax issues related to poker tournaments

Connor McVilly, September 10, 2024

Many times you will hear of people who have sold or exchanged a portion of their tournament action to help cover the costs of playing in tournaments. In other words, this player has agreed in advance to split his winnings with another person or a group of people. Depending on the size of the tournament, this has the potential to get the players and those people who have purchased a share in the players action in to a potentially difficult tax situation diu win.

It is the casino’s responsibility to report the winning player’s monetary win to the IRS. The casino would normally issue each winning player a W-2G form for the full amount of their win. The winning player would then add this to their tax return the following April. In the instance where the player has sold part of his action, that player can provide the casino with Form 5754. The casino is then required to issue a W-2G to each person listed on the form.

If you plan to sell a portion of your action to another person or group of people, it’s important to let everybody know ahead of time that they will be responsible for their share of the taxes. Friendships and relationships can be damaged when large sums of money are at stake. Diffuse the situation before it happens by being prepared.

This information is not to be used as tax advise. For all tax related questions, please seek the assistance of a trained tax professional.

Opinion

Post navigation

Previous post
Next post

Leave a Reply Cancel reply

You must be logged in to post a comment.

Archives

Categories

Recent Posts

  • Cotton Bomber Jackets for Men

  • Stand Hand Mixer

  • Hand Coffee Mixer

  • Leather Jacket Designer Men’s

  • Top 10 Best Lake Trout Ice Fishing Reels Comparison

  • Penneys Mens

  • Top 10 Best Fishing Reels Quick Shot Open Face Comparison

  • Top 10 Best Jcpenney Mens Coats Clearance Comparison

  • Mens Car Coat

  • Lightning Star

  • Elevate Your Sports Betting Strategy

  • Top 10 Best Sports Jackets Sale Comparison

  • What to Wear With a Denim Jackets Mens

  • Batman Christmas Sweaters Men

  • Jackets for Mens Flipkart

  • Top 10 Best Att Wireless Sales Comparison

  • Top 10 Best Bass Fishing Reel Lews Comparison

  • Top 10 Best Conventional Fishing Reels Left Handed Comparison

  • Infant Football Shoes

  • How Lack of Dog Socialization Leads to Aggressive Tendencies

  • Gap Leather Jacket Men’s

  • Top 10 Best Gold Trivets Comparison

  • Comparación de Las 10 Mejores Mi Conejo Hace Ruidos

  • Kids Shoes Brands Uk

  • Macy Shorts for Mens

  • Top 10 Best Archery Fishing Reel Kit Comparison

  • How Long Should Men Shorts Be 2018

  • Wide Bookcase

  • Waterproof Rope Winch Bag

  • Men Black Suit Jacket

Joyce Higashi

©2025 Joyce Higashi – j-higashi.com | WordPress Theme by SuperbThemes